San Miguel’s beer unit posts 38% profit increase
SAN MIGUEL Corp.’s beer business reported a 38.2% rise in consolidated net income for the first quarter to P6.8 billion due to higher revenues, the company said during the weekend.
San Miguel Brewery, Inc. reported a 29.95% increase in revenues to P38.3 billion for the three months from the P29.7 billion posted in the same period last year.
The company said in a statement that the increase in its top line was due to “the positive sales performance of both its domestic and international operations amid the continued easing of COVID-19 restrictions.”
Its consolidated operating income also rose by 25% to P8.4 billion compared with the previous year.
The company’s domestic beer volumes increased by 26.1% driven by its new brand campaigns, offtake-generating programs, and easing restrictions.
For its international operations, the company reported a 28.5% surge in sales volume due to its export business and Hong Kong operations.
San Miguel Food and Beverage, Inc. operates its beverage business through San Miguel Brewery and Ginebra San Miguel, Inc.
The subsidiaries of San Miguel Brewery include Iconic Beverages, Inc.; Brewery Properties Inc.; San Miguel Brewing International Ltd.; San Miguel Brewery Hong Kong Ltd.; San Miguel (Baoding) Brewery Co., Ltd.; San Miguel Beer (Thailand) Ltd.; San Miguel Marketing (Thailand) Ltd.; and PT. Delta Djakarta Tbk. — Adrian H. Halili
